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General Insurance Business (Nationalisation) Act,1972 Chapter I

Title: Preliminary

State: Central

Year: 1972

This Act may be called the General Insurance Business (Nationalisation) Act, 1972. Section 2 - Declaration as to the policy of the State It is hereby declared that this Act is for giving effect to the policy of the State towards securing the principles specified in clause (c) of article 39 of the Constitution. Explanation.-- In this section "State" has the same meaning as in Article 12 of the Constitution. Section 3 - Definitions In this Act, unless the context other wise requires,-- (a) "acquiring company" me ans any Indian insurance company and, where a scheme has been framed involving the me rger of one Indian insurance company in another or the amalgamation of two or more such companies me ans the Indian insurance company in which any other company has been me rged or the company which has been formed" as a result of the amalgamation; (b) "appointed day" me ans such day1not being a day later than the 2 nd day of January, 1973 , as the Central Government may by notification appoint; (c) "Companies Act" me ans the Companies Act, 1956 (1 of 1956) ; (d) "Corporation" me ans the General Insurance Corp oration of India formed under section 9 ; (e) "existing.....

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General Insurance Business (Nationalisation) Act,1972 Section 3

Title: Definitions

State: Central

Year: 1972

.....Act, sh all have the me anings respectively assigned to them in that Act; (q) words and expressions used in this Act but not defined herein or in the Insurance Act and defined in the Companies Act, sh all have the me anings respectively assigned to them in the Companies Act. ________________________ 1. 1 - 1 - 1973, vide Notification No. S.O. 724 (E), dated the 24th November, 1972, published in the Gazette of India, Extra., Pt. II, section 3 (ii), p. 1979. 2. Now stands repealed by the Insurance Laws (Transfer of Business and Emergency Provisions) Repeal Act, 2001 (11 of 2001), section 4 (w.e.f. 9-5-2001). 3. Inserted by Act 3 of 1985, section 2 (w.r.e.f. 17-9-1984).

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Finance Act 1994 Chapter 5

Title: Service Tax

State: Central

Year: 1994

.....Management Act, 1999 (42 of 1999); (9) "authorised service station" means any service station, or centre, authorised by any motor vehicle manufacturer, to carry out any 80[service, repair, reconditioning or restoration] of any motor car, light motor vehicle or two wheeled motor vehicle manufactured by such manufacturer; 39[(9a) "automated teller machine" means an interactive automatic machine designed to dispense cash, accept deposit of cash, transfer money between bank accounts and facilitate other financial transactions; (9b) "automated teller machine operations, maintenance or management service" means any service provided in relation to automated teller machines and includes site selection, contracting of location, acquisition, financing, installation, certification, connection, maintenance, transaction processing, cash forecasting, replenishment, reconciliation and value-added services; (9c) "banker to an issue" means a bank included in the Second Schedule to the Reserve Bank of India Act, 1934(2 of 1934), carrying on the activities relating to an issue including acceptance of application, application money, allotment money and call money, refund of application.....

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Finance Act 1994 Section 65

Title: Definitions

State: Central

Year: 1994

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Payment of Gratuity Act, 1972 Section 4A

Title: Compulsory Insurance

State: Central

Year: 1972

.....(2), he shall be liable to pay the amount of gratuity due under this Act (including interest, if any, for delayed payments) forthwith to the controlling authority. (6) Whoever contravenes the provisions of sub-section (5) shall be punishable with fine which may extend to ten thousand rupees and in the case of a continuing offence with a further fine which may extend to one thousand rupees for each day during which the offence continues. Explanation.--In this section, "approved gratuity fund" shall have the same meaning as in clause (5) of section 2 of the Income-tax Act, 1961 (43 of 1961).] ___________________________ 1. Inserted by Act 22 of 1987, section 5.

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General Insurance Business (Nationalisation) Act,1972 Chapter VI

Title: Functions of Corporation and Acquiring Companies and their Management

State: Central

Year: 1972

.....and where any directions have been issued by the1[ Central Government or the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999)] sh all be guided by such directions. ( 4 ) For the removal of doubts it is hereby declared that the Corp oration and any acquiring company may, sub ject to the rules, if any, made by the Central Government in this behalf, enter into such contracts of reinsurance or reinsurance treaties as it may think fit for the protection of its interests. _________________________ 1.Substituted by Act 40 of 2002, section 5, for "Corporation". Section 20 - Balance of profit how to be utilised (1) After making provision for bad and doubtful debts,depreciation in assets, provident, superannuation, welfare and otherfunds, debts due to Government and all other matters for which provision is necessary under anylaw or which are usually provided for by insurance companies, every acquiringcompany shall distribute the balance of profit as dividends. (2) Any profit made by the Corporationand any sums received by the Corporation by way of.....

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General Insurance Business (Nationalisation) Act,1972 Chapter VII

Title: Miscellaneous

State: Central

Year: 1972

.....insurance company to take all necessary steps for taking possession of all properties which have been transferred to and vested in it under this Act. Section 30 - Penalty for withholding property etc. If any person wilfully withholds or fails to deliver to an Indian insurance company as required by section 29 any property or any books, documents or other papers which may be in his possession or unlawfully retains possession of any property of an existing insurer which has been transferred to and vested in an Indian insurance company under section 5 or wilfully applies any such property to purposes other than those expressed in or authorised by this Act, he shall, on the complaint of the Indian insurance company, be punishable with imprisonment for a term which may extend to one year, or with fine which may extend to one thousand rupees, or with both. Section 31 - Officers and employees of Corporation or of acquiring companies to be public servants Every officer or other employee of the Corporation or of an acquiring company shall be deemed to be a public servant for the purposes of Chapter IX of the Indian Penal Code (45 of 1860). Section 32 - Indemnity Every.....

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General Insurance Business (Nationalisation) Act,1972 Section 39

Title: Power to Make Rules

State: Central

Year: 1972

.....in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or notification or both Houses agree that the rule or notification sh ould not be made, the rule or notification sh all thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment sh all be without prejudice to the validity of anything previously done under that rule or notification. _________________________ 1. Substituted by Act 40 of 2002, section 8, for clause (b).

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Negotiable Instruments Act, 1881 Amending Act 1

Title: Amendment Act

State: Central

Year: 1881

.....thinks fit, and sh all, on the application of the prosecution or the accused, summon and examine any person giving evidence on affidavit as to the facts contained therein. 246 . B ank's slip prima facie evidence of certain facts.--The Court sh all, in respect of every proceeding under this Chapter, on production of bank's slip or me mo having thereon the official mark denoting that the cheque has been dishonoured, presume the fact of dishonour of such cheque, unless and until such fact is disproved. 247 . Offences to be compoundable.--Notwithstanding anything contained in the Code of Criminal Procedure, 1973 ( 2 of 1974 ), every offence punishable under this Act sh all be compoundable." CHAPTER III AMENDMENT TO THE B ANKERS' B OOKS EVIDENCE ACT, 1891 11 . Amendment of section 2 In section 2 of the B ankers' B ooks Evidence Act, 1891 ( 18 of 1891 ),-- (a) for clause ( 3 ), the following clause sh all be sub stituted, namely:-- '( 3 ) "bankers' books" include ledgers, day-books, cash-books, account-books and all other records used in the ord inary business , of the bank, whether these records are kept in written form or stored in a . m icro film, magnetic tape or in.....

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Companies Act, 1956 Part 7

Title: Winding Up

State: Central

Year: 1956

.....pay the sum so due and the company has for three weeks thereafter neglected to pay the sum, or to secure or compound for it to the reasonable satisfaction of the creditor; (b) if execution or other process issued on a decree or order of2[any court or Tr i bunal] in favour of a creditor of the company is returned unsatisfied in whole or in part; or (c) if it is proved to the satisfaction of the3[Tribunal] that the company is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the3[Tribunal] shall take into account the contingent and prospective liabilities of the company. (2) The demand referred to in clause (a) of sub-section (1) shall be deemed to have been duly given under the hand of the creditor if it is signed by any agent or legal adviser duly authorised on his behalf, or in the case of a firm, if it is signed by any such agent or legal adviser or by any member of the firm. _____________________ 1. Substituted by Act 11 of 2003, Section 52, for "five hundred rupees". 2. Substituted by Act 11 of 2003, Section 52, for "any Court" . 3. Substituted by Act 11 of 2003, Section 52, for "Court". Section 435 to 438 - *** .....

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